Bitcoin Spot Volume Averaged $6.8 Billion a Day Early in October

Bitcoin spot volume averaged about $6.8 billion a day early in October, while late-month demand indicators turned negative as options and futures open interest stood at $37 billion to $38 billion and $51 billion to $55 billion, respectively.

The early-month spot-volume average was below the level recorded on roughly 90% of trading days since January 2024. Bitcoin rose above $85,000 early in October, but spot-market demand indicators had turned negative by late in the month. Flows into U.S. spot Bitcoin exchange-traded funds remained subdued through October.

Bitcoin options open interest ranged from $37 billion to $38 billion from mid-to-late October. Futures open interest was roughly $51 billion to $55 billion over the same period. Open interest measures outstanding positions, rather than trading turnover.

Call contracts accounted for about 59% to 60% of options open interest, a mix tilted toward bullish positioning. One week of options trading on Coincall totaled $409 million, with about $190 million targeting the Oct. 30 expiration. TokenPost previously covered month-end call-spread activity.

Options allow traders to take positions on Bitcoin’s price direction or manage existing exposure without buying or selling BTC itself. The October figures show softer spot-demand indicators alongside substantial open positions in options and futures.